Most people want to do business, but only some can afford to start a big business. Fortunately, there's a long list of the cheapest businesses to start in Nigeria, and this article highlights some.
Starting a business can be daunting if you don't have the capital or resources. That's why it pays to know what your options are. Nigeria has many possibilities when it comes to business. Still, certain ones may be more feasible to start than others due to their relatively low-risk nature and low entry costs.
This article looks at some of the cheapest businesses to start in Nigeria with minimal startup requirements and cost-effective operations. From food production enterprises and services, we'll explore potential pathways for starting a successful company without breaking the bank.
1. Egg Retailing
Egg retailing is one of the cheapest businesses to start in Nigeria. It involves selling eggs to consumers through various retail channels.
This business can be profitable, as eggs are a staple food item in many households and are consumed daily. However, the success of an egg retailing business depends on several factors. These include the egg's quality, the pricing strategy, the location, and more.
To start an egg retailing business, you must source high-quality eggs from reliable suppliers. The eggs should be fresh, clean, and of uniform size and shape. Once the eggs are procured, you should properly store them at a suitable temperature to maintain their freshness.
The next step is determining the pricing strategy based on the cost of eggs, transportation, storage, and other overheads. It is important to price the eggs competitively while ensuring profitability.
The retail outlet's location is also critical to the success of an egg retailing business. The retail outlet should be easily accessible to customers and located in a busy area with high foot traffic. Additionally, the retail outlet should be well-lit, clean, and hygienic.
Furthermore, marketing efforts can also help to attract and retain customers.
2. Pure Water Retailing
The pure water retailing business is among the cheapest businesses to start in Nigeria. You don't need to start your pure water company to sell pure water; that's quite expensive.
Instead, you can become a retailer by buying bulk from established companies. This way, you can avoid the high overhead costs of setting up a pure water production business and still make a decent profit.
The key to success in this business is sourcing from reliable suppliers, ensuring the packaged water is safe for consumption and properly stored to maintain freshness. Additionally, proper pricing strategies should be in place to ensure profitability.
The location of the retail outlet is also critical to success. The store should be accessible to customers, located in a high-traffic area, and well-lit and hygienic. Advertising and marketing efforts can also help attract more customers.
3. Iced Block Selling
Iced blocks are useful for several events, especially in Nigeria. This business is relatively cheap to start and can be a profitable venture.
Getting started by sourcing good quality ice blocks from reliable suppliers would be best. They should be properly stored to maintain freshness. The pricing strategy should also be competitive while ensuring profitability.
This business's success depends on your store's location and marketing efforts. The store should be in a busy area with high foot traffic to maximize sales. Additionally, advertising and marketing efforts can help attract more customers.
4. Domestic Cleaning Service
Another cheap business to start in Nigeria is offering domestic cleaning services. Not everyone enjoys cleaning the house themselves, so they hire a domestic cleaner instead.
You can start this business by investing in quality cleaning materials such as mops, buckets, and detergents. You must also ensure you are properly trained and certified to ensure the best results for your customers.
However, the success of a domestic cleaning service depends on your service quality. Word-of-mouth referrals are essential for building a reputation and gaining more customers.
5. Road Side Snacks
Thanks to roadside snack sellers, people rarely go hungry while doing their daily activities. This business requires minimal investment, as all you need are basic ingredients such as flour, sugar, oil, and spices.
You can start by preparing small batches of snacks that you can sell at a roadside stand or kiosk. You should also ensure the snacks are properly stored and priced competitively to attract customers.
Additionally, the location of your kiosk is important for maximizing sales. Staying by the corner might not be the best option. Instead, find a spot in a busy area with high foot traffic.
6. Real Estate Agent
Becoming a real estate agent is one of the cheapest businesses to start in Nigeria. Real estate refers to property consisting of land and buildings, and natural resources. It can also include the rights to use and occupy the property, such as leasing or renting.
Real estate is a booming business in Nigeria, and you can start as a real estate agent without investing much capital. You must learn about the real estate industry and stay current on market trends. Additionally, you should be familiar with the legal aspects of property transactions.
Marketing your services is also essential for success in this business, so you should invest in online and offline advertising campaigns.
7. Painting Services
The last on our list of the cheapest businesses to start in Nigeria is painting. Painting is a lucrative business in Nigeria, as people often need to repaint their homes or offices. You can start this business with minimal investment by sourcing the right materials and tools. However, you must learn this skill to provide quality service.
When it comes to marketing, you can use both online and offline strategies. You could also offer discounts or bundle packages at competitive prices to attract more customers.
Starting a business in Nigeria doesn’t have to be expensive. Several businesses require minimal investment and can yield high returns. These businesses include iced blocks, domestic cleaning services, roadside snacks, real estate agents, and painting services. With the right strategy and dedication, you can make your business successful.